RumbleOn hits 3-month low on Q2 miss

RideNow

09/08/2023 17:10

** Shares of online motorcycle retailer RumbleOn Inc
 RMBL.O  down 19.9% at $8.27 in afternoon trading
    ** Stock touches 3-month low; on track for worst day since
Nov. 9, 2022
    ** Company posts Q2 adj. profit of $0.02/share, missing
analysts' est. of $0.23/share - Refinitiv
    ** Total revenue falls 7% to $382.7 mln, also below
expectations of $408.14 mln
    ** Posts Q2 loss of $0.78/share compared with profit of
$0.85/share a year earlier
    ** Company said it plans to make a $100 mln rights offering
to holders of its Class A and Class B common stock
    ** Four of 5 brokerages rate stock "buy" or higher, 1
"hold"; median PT is $12.50 - Refinitiv
    ** Including session moves, stock up 24.58% YTD

 (Reporting By Akshita Toshniwal in Bengaluru)
 ((Akshita.Toshniwal@thomsonreuters.com))